Synopsis: India’s push toward its 74 GW of battery storage has unlocked a lucrative market opportunity for three battery storage stocks which could turnout to be the biggest potential winners of this growing BESS boom.
India has been aggressively scaling its renewable energy and battery storage sector, and targets 50 percent of cumulative installed capacity from non-fossil fuels by 2030 and a 45 percent reduction in GDP emission intensity from its 2005 levels. With a 100 GW of solar PV module capacity already achieved, the country now faces grid stability challenges due to the intermittent nature of solar and wind power.
According to the India Energy Storage Alliance, India’s energy storage sector has the potential to attract Rs 4.79 lakh crore of investment by 2032. This aligns with the National Electricity Plan 2023, that estimates a need for 74 GW/411GWh by 2031- 32, which includes a 27 GW/175.18 GWh from PSP and 47 GW/236 GWh from BESS.
As part of this initiative, the government has also approved an additional Rs 5,400 crore under the Viability Gap Funding scheme in order to support 30 GWh of BESS, this supplements an earlier allocation of Rs 3,700 crore for 13.2 GWh, which is expecting to attract Rs 33,000 Crore in investment and meet the country’s BESS requirement by 2028.
Four battery storage-focused stocks are emerging as the biggest beneficiaries of India’s rapidly expanding BESS market. These early movers are well-positioned to capitalise on the country’s push toward renewable energy.
Acme Solar continues its rapid growth in the renewable energy sector with a total portfolio of 7.4 GW, spanning solar, wind, and hybrid/storage projects, alongside 13.5 GWh of Battery Energy Storage Systems (BESS) installations.
The company recently placed an additional 2 GWh BESS order from leading global energy system suppliers, taking its total BESS orders to 5.1 GWh, with the first phase of delivery was scheduled from December 2025 and phased commissioning from Q4 FY26 onwards. Acme Solar has already signed PPAs for 5,180 MW of capacity, while 2,918 MW is operational, 4.5 MW/13.5 GWh BESS is under construction, including 2,262 MW with signed PPAs, 1,540 MW under LOA awarded, and 670 MW pending LOA.
2. Prostarm Infosystems
The company is setting up a 1.2 GWh annual BESS facility at Reliance MET, Jhajjar, Haryana, targeting C&I and utility scale demand, with commissioning by FY26 and Capex of Rs 25 crore. It has secured major orders, including Rs 52 crore from Adani Electricity for a 22 MWh BESS project, a 120 MWh BOOT project from Bihar State Power, and a 150 MW/300 MWh BOO order from KPTCL under a 12-year rental model.
The company’s order book growth supports long-term recurring revenue, while its in-house BESS assembly plant reduces outsourcing and improves efficiency. Expansion plans include the Jhajjar facility commissioning, SAP B1 and Salesforce integration, lithium-based BESS for C&I, and a full range of Home ESS solutions.
3. Bondada Engineering
Bondada Engineering is positioning itself as a key BESS EPC player for Public Sector companies transitioning to clean energy, focusing on build, operate, and own (BOO) contracts with a 12- 14 year tenure. It currently holds a 400 MWh BOO contract and plans to expand into BESS O&M services. The company partners with technology providers to deliver eco-friendly storage solutions.
As of October 2025, the BESS order book stands at Rs 850 crore, while the broader Renewable Energy segment, including Solar EPC and IPP accounts for Rs 4,570 crore of the Rs 5,990 crore total order book, providing 3+ years of revenue visibility.
BESS projects typically take 15- 18 months, with costs around Rs 250- 300 crore per GWh, creating revenue potential of Rs 2.5- 3 crore per MWh. The BOO model offers annuity income with a target IRR of 16- 17 percent, stabilizing at 13- 14 percent in the future, while EPC margins are 12- 13 percent.
The company aims for a Rs 10,000 crore revenue by FY30, with a portfolio of 6 GW Solar EPC, 2 GW BESS, and 2 GW Solar IPP. The company revenue includes 78 percent from Renewable Energy, 14 percent from Telecom, and 8 percent from Product Manufacturing. Its key clients include Vodafone Idea, Airtel, Tata, Ericsson, Reliance Jio, NTPC, and Coal India.
4. Tata Power
Tata Power, India’s largest vertically integrated power company, is accelerating its clean-energy transition with a strong push into the Battery Energy Storage Systems (BESS). The company is backed by 26.3 GW of generation capacity, 4,659 circuit km of transmission assets and 4.9 GW of integrated cell-module manufacturing.
TATA power has been positioning BESS as a core pillar of its- Utility of the Future strategy. Through Tata Power Renewable Energy, it has secured its first standalone BESS project with NHPC for the Kerala State Electricity Board, which is a 120 MWh installation and is scheduled for completion in 15 months. The company has also been developing a 2.8 GW of pumped storage capacity that is targeted for commissioning by August 2028.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
